While this move surprised outsiders, insiders hinted that business pressures facing the country’s biggest integrated casino group necessitated a leadership refresh.
This reflects the current reality of the industry, including market leader Bloomberry, operator of Solaire Resort and Casino, whose share price has dropped by over half this year as investors evaluate the impact of missing high rollers.
This coincides with the rapid surge in online gambling, with recent figures from the Philippine Amusement and Gaming Corporation showing the electronic gaming segment soaring by nearly 500 percent in the third quarter.
“It’s time to have a change in leadership amidst these challenging times,” the insider shared.
A new officer-in-charge will also be announced. The company isn’t ruling out the possibility of appointing a president from outside the group, though such a decision would naturally require the approval of Razon.
What’s important to note, the insider said, is that Bloomberry is taking these steps to address challenges and position the business for a strong recovery.
“Team is solid so nothing to worry about,” the insider said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
